PAL Allots $450 Million For 2024 CapEx

Philippine Airlines (PAL) has announced that it earmarked $450 million (PHP 25.4 billion) for its 2024 capital expenditure (CapEx).

Up to 80 percent of PAL's CapEx this year will be spent on aircraft. I Photo: Business Wire

Up to 80 percent of the CapEx this year will be spent on aircraft, according to Anna Isabel Bengzon, Senior Vice President, and Chief Financial Officer of PAL.

“It includes the refurbishment of the A321ceos, aircraft maintenance, and upgrades we’re doing on the aircraft, including the purchase of new aircraft. There are delivery payments that are already included with it,” Bengzon emphasized.

Meanwhile, PAL OIC Executive Vice President and General Counsel Carlos Luis Fernandez disclosed that the company is investing in 22 new aircraft set for delivery from 2025 to 2029.

Fernandez noted that these additions to their fleet include nine A350-1000 for PAL’s non-stop flights to North America and other long-haul overseas destinations, as well as 13 A321neo that will serve PAL’s regional routes to Asia and Australia.

PAL will also be reconfiguring 18 A321ceo aircraft, he added.

Stanley Ng, President, and Chief Operating Officer of PAL, stated that the airline will be reviving its routes between Cebu and Osaka as well as Manila and Sapporo, aside from launching its first non-stop flight to Seattle, USA.

He added that PAL remains interested in reopening flights to Europe.

“That’s always our aspiration to go back to Europe and we believe that we’ll really provide convenience as well as business opportunities for the Philippines and Europe,” Ng elaborated.

He shared that the possible destinations in Europe include Paris, Brussels, and a city in Italy.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem